Litecoin Price Analysis: LTC/USD unable to escape the narrow range resistance
|- Litecoin price embraces consolidation following the devastating drop over the weekend.
- LTC/USD technical picture remains intact as observed with the MACD’s bullish divergence.
Litecoin dived under $40 last week amid a Bitcoin-triggered selloff. Immediately the price recovered above $40, however, the momentum lost steam at $43. At the time of writing, LTC/USD is dancing at $42.30. Multiple attempts made to clear the resistance at $43 have been thwarted. The narrow range resistance will require a catalyst to clear it and once again place Litecoin in a trajectory to levels above $50.
The ongoing consolidation is likely to carry on based on the trend seen with the Relative Strength Index (RSI) which is leveling at 41. Interestingly, the MACD displays a positive picture for LTC as it grinds towards the mean line. It has also sustained a bullish divergence to emphasize that the bulls are in the control. For now, the best the bulls can do is to hold above the range support at $41 as they anticipate the right volume to pull Litecoin upwards.
Litecoin intraday levels
Spot rate: $42.17
Relative change: -0.085
Percentage change: -0.16%
Trend: Bearish
Volatility: Low
LTC/USD 4-hour chart
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